British Chamber reiterates support on managing Philippine inflationary pressures

The British Chamber of Commerce Philippines (BCCP) supported the recent developments on the modification of nomenclature and tariff rates as mandated under the Executive Order No. 62, and welcomed the easing of inflation at 3.7% in June 2024. 

This mandates the extension of lowered tariff rates for pork and other agricultural commodities to which the British Chamber has consistently supported to ensure a stable supply and assist in managing inflationary pressures after a four-consecutive upward trend. 

As noted in the executive order by President Ferdinand Marcos Jr., “The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos…”

Meanwhile, National Economic and Development Authority Secretary Arsenio Balisacan said that, “We are committed to maintaining the country’s inflation rate within our target range of 2 to 4 percent. The easing in our inflation rate in June, mainly due to lower electricity rates, highlights the importance of strengthening our energy sector to sustain our gains.” 

Aligned with this advocacy is the call towards the passage of the Anti-Agricultural Economic Sabotage Act, which has already passed both Houses and now awaits signing into law.

The bill is tagged as one of the priorities of the Marcos administration with the key objective of modernizing the agriculture sector and increasing its competitiveness, through stringent measures in addressing the challenges on smuggling, profiteering, hoarding and cartels.

Furthermore, the British Chamber will also launch its event in partnership with the Agriculture and Horticulture Development Board (AHDB) titled "Philippine-British Meat Trade Briefing & Reception" on July 30, 2024.

The roundtable discussion will include key speakers and panelists within the meat industry such as Department of Agriculture Undersecretary for Livestock Deogracias Victor “DV” Savellano, Meat Importers and Traders Association President Emeritus Jess Cham, Philippine Association of Meat Processors Inc. Foreign Affairs and Special Concerns Consultant Jet Ambalada, and CEI Cargo OPC CEO Dee Ledonio, alongside representatives and delegation from AHDB. 

AHDB will also participate at the World Food Expo 2024 on July 31 to Aug. 3, 2024 to explore opportunities within the pork and beef industry. The British Chamber reaffirms its endorsement of several key legislation aimed at further enhancing collaborations to the overall  UK and Philippine business communities.